As I mentioned earlier, we rolled out our digital portal, which embeds our new proprietary assessment framework based on our Accelerating Performance methodology.

as i mentioned earlier we've rolled out our digital portal which embeds our new proprietary assessment framework based on our accelerating performance methodology


So as we look out, our goal is going to be to get as much of that to drop to the bottom line as we can.

so as we look out our goal is going to be to get as much of that to drop to the bottom line as we can


Now with respect our portfolio appreciation, I remarked last quarter that our recent investment returns will be hard to replicate and I stick to that cautionary comment.

now with respect to our portfolio appreciation i remarked last quarter that our recent investment returns will be hard to replicate and i stick to that cautionary comment


And that's because these subjects already have a strong immune response and you can't boost it further, whereas those who had a waning immunity after a year,

and that's because these subjects already have a strong immunosponse and you can't boost it further whereas those who had a waning immunity after a year


We do not believe that higher interest rates will materially hamper housing affordability. We remain constructive on housing and believe home price stability is durable at this time.

we do not believe that higher interest rates will materially hamper housing affordability we remain constructive on housing and believe home price stability is durable at this time


There remains a lot of hard work ahead of us, but we believe in our vision, we believe in our strategy, and we believe in our team's ability to continue to drive operational improvement.

there remains a lot of hard work ahead of us but we believe in our vision we believe in our strategy and we believe in our team's ability to continue to drive operational improvement


Preservation of capital is our priority while we provide our shareholders with longer-term, primarily floating rate cash flows, as a strategic complement to our Agency portfolio.

preservation of capital is our priority while we provide our shareholders with longer-term primarily floating rate cash flows as a strategic complement to our agency portfolio


This does not include the cost of any potential judgments or other outcomes, should they occur. For the status of the legal and regulatory matters, I would refer you to our 10-K.

this does not include the cost of any potential judgments or other outcomes should they occur for the status of the legal and regulatory matters i would refer you to our 10-k


in Q3 you believe that sales should be more or less in line with the production or perhaps your sales will be higher than the actual production volume because you have

in q3 that you believe that sales should be more or less in line with the production or perhaps your sales will be higher than the actual production volume because you have


to any development on the cash flow that only can have a positive effect. On top we have as well, compensating for that

to any development on the cash flow that only can have a positive effect on top we have as well compensating for that


is the ability to make quotations on loans very, very quickly. And if you can't come up with a reasonable quotation that you're not going to vary from tremendously,

is the ability to make quotations on loans very very quickly and if you can't come up with a reasonable quotation that you're not going to vary from tremendously


in the organization about enforcing minimums. We've added some significant new services over the last 3 months that are going to drive higher margins

in the organization about enforcing minimums we've added some significant new services over the last 3 months that are going to drive higher margins


Same thing in the case of payroll services. There's an initial setup fee when you're bringing a new small business on, but then there is a recurring monthly fee for that.

the same thing in the case of payroll services there's initial setup fee when you're bringing a new small business on but then there is a recurring monthly fee for that


and will transition all administration to SilverScript early in 2017. The net proceeds from the sale are expected to be offset

and will transition all administration to silverscript early in 2017 the net proceeds from the sale are expected to be offset


Importantly, this facility will be connected to the Khurmala field production facilities where associated natural gas production can be processed and distributed to end users.

importantly this facility will be connected to the karama field production facilities where associated natural gas production can be processed and distributed to end users


The financials of the Partnership are adjusted retroactively as if the transactions occurred on the earliest date during which the assets were under common control.

the financials of the partnership are adjusted retroactively as if the transactions occurred on the earliest date during which the assets were under common control


and those assets are turning relatively well. So we just kind of -- it's just a long continuation of projects. So I don't see a lot of movement on the balance sheet from that perspective.

and those assets are turning relatively well so we just kind of -- there's a long continuation project so i don't see a lot of movement on the balance sheet from that perspective


We also plan to continue leveraging the favorable industry dynamics to ensure that we are compensated appropriately for the capacity and services we provide to the marketplace.

we also plan to continue leveraging the favorable industry dynamics to ensure that we are compensated appropriately for the capacity and services we provide to the marketplace


Beginning in the first quarter of 2017, due to the change in our revenue recognition methodology for Qsymia, revenue recognized is based

beginning in the first quarter of 2017 due to the change in our revenue recognition methodology for qsymia revenue recognized is based


We are now completing a comparison of pamrevlumab to pirfenidone and nintedanib as single agents and in combination in the same mouse fibrosis model.

we are now completing a comparison of pamrevlumab to profenidone and nintedanib as single agents and in combination in the same mouse fibrosis model


We will continue to grow the asset management business in a measured way moving forward. Our board continues to be open to all strategic alternatives to maximize shareholder value.

we will continue to grow the asset management business in a measured way moving forward our board continues to be open to all strategic alternatives to maximize shareholder value


by using Transpower over against developing their own internal manufacturing apparatus and testing facilities, all the rest of

by using transpower over against developing their own internal manufacturing apparatus and testing facilities and all the rest of it


Lots of hard work, blood, sweat and tears because we knew it was important to our customer base that we demonstrate the ability to be GAAP profitable. We certainly did that.

lots of hard work blood sweat and tears because we knew it was important to our customer base that we demonstrate the ability to be gaap profitable we certainly did that


and we continue to grow our installed base of other premium units, we expect to see consistent improvement in our overall daily win per unit.

and we continue to grow our installed base of other premium units we expect to see consistent improvement in our overall daily win per unit


So look, we believe the maturity of the automation industry as it relates to welding and welding process improvement, they are going to be those customers that seek

so look we believe the maturity of the automation industry as it relates to welding and welding process improvement there are going to be those customers that seek


investment and insurance revenues as well as deposit income were down. Credit products showed a solid growth of 6%, driven by higher volumes.

investment and insurance revenues as well as deposit income were down credit products showed a solid growth of 6% driven by higher volumes


look, there's limited innovation happening in small scale, and the opportunity for us is how do we take some of that innovation to pilot it and get it to a place where we can now do it at scale.

look there's limited innovation happening in small scale and the opportunity for us is how do we take some of that innovation to pilot it and get it to a place where we can now do it at scale


and we now have more products for them to sell, including content. So the reps are feeling very good about their opportunity this year.

and we now have more products for them to sell including content so the reps are feeling very good about their opportunity this year


You can find all of our reported data and prior period comparatives in the new key metrics section of our press release and detailed in the rest of the text and tables contained there.

you can find all of our reported data and prior period comparatives in the new key metrics section of our press release and detailed in the rest of the text and tables contained there


We believe that these attributes will be additive to our stated goal of increasing market share of our franchise through organic growth.

we believe that these attributes will be additive to our stated goal of increasing market share of our franchise through organic growth


Well, we do have plenty of news today, don't we? But before I speak to the upcoming changes in leadership here, let me touch on a few of the quarter's business highlights.

well we do have plenty of news today don't we but before i speak to the upcoming changes in leadership here let me touch on a few of the quarter's business highlights


On an organic basis, excluding the favorable impact of changes in foreign exchange rates and the negative impact of the new revenue recognition standard,

on an organic basis excluding the favorable impact of changes in foreign exchange rates and the negative impact of the new revenue recognition standard


there's never been an instance in my 50 years of consequence that the federal government ever clawed back or was able to claw back committed funds.


and we feel the potential to be concluded in 2019. And the real issue will be, very candidly, whether I'm willing

and we feel the potential to be concluded in 2019 and the real issue will be very candidly whether i'm willing


we can see that many of our retailers, importantly, and retailers in our categories or target categories continue to perform well and importantly are expanding.

we can see that many of our retailers importantly and retailers in our categories or target categories continue to perform well and importantly are expanding


generals aren't encouraged by auditors. They -- we tried to press them hard to go as high as we could. And

generals aren't encouraged by auditors they -- we tried to press them hard to go as high as we could and


Earlier this month, we took advantage of what we felt were favorable market conditions and added another long-term fixed rate piece of debt into our capital structure.

earlier this month we took advantage of what we felt were favorable market conditions and added another long-term fixed-rate piece of debt into our capital structure


as an industry-leading platform for linking the grid network and the distributed energy resources and an enabler of the Internet of Energy.

as an industry-leading platform for linking the grid network and the distributed energy resources and an enabler of the internet of energy


core customer base and we like that. I think many folks like you have said that's a core strength of our company, but you can clearly see that the folks that are out there, that are chasing

core customer base and we like that i think many folks like you have said that's a core strength of our company but you can clearly see that the folks that are out there that are chasing


During the quarter, we were also pleased to have expanded Orkin's presence internationally by adding 6 franchises in Central America, South America

during the quarter we were also pleased to have expanded orkin's presence internationally by adding 6 new franchises in central america south america


and growers were very excited about that. But we're typically contracting and buying our soybeans at about the same time. So as we talked about in the script, you could hear it in our

i think growers were very excited about that but we're typically contracting and buying our soybeans at about the same time so as we talked about in the script you could hear it in our


And we're not anticipating those issues to occur on the TEN because they're already a different design of turbine blade and they already have different coating.

and we're not anticipating those issues to occur on the ten because they're already a different design of turbine blade and they already have different coating


Correct. So there's a corresponding decrease in traditional media. I'm just wondering what's the reaction of your franchise been to this

correct so there's a corresponding decrease in traditional media and i'm just wondering what's the reaction of your franchise been to this


Shown at the bottom right is our expectation for loan growth by product type. We are comfortable with our commercial real estate concentrations and plan to grow commercial real estate loans

shown at the bottom right is our expectation for loan growth by product type we are comfortable with our commercial real estate concentrations and plan to grow commercial real estate loans


These volume gains partly offset input inflation, most acutely felt in beverages and fruits that were not fully recovered from consumers.

these volume gains partly offset input inflation most acutely felt in beverages and fruit that were not fully recovered from consumers


Regarding our increased international backlog, we continue to experience slight improvement in international quoting. And our sales groups have done a great job of getting orders on much of what we're quoting.

regarding our increase in international backlog we continue to experience slight improvement in international quoting and our sales groups have done a great job of getting orders on much of what we're quoting


Barry brings extensive e-commerce and distribution knowledge to our board and will be a valuable addition to the company as we continue to execute on our strategic plan.

barry brings extensive e-commerce and distribution knowledge to our board and will be a valuable addition to the company as we continue to execute on our strategic plan


Our second priority initiative focuses on sales transformation. We are in the process of improving our sales culture and business development skills.

our second priority initiative focuses on sales transformation we are in the process of improving our sales culture and business development skills


where we are coaching all levels of leadership to get their boots on and engage with their employees with humility, inquiry and empathy.

where we are coaching all levels of leadership to get their boots on and engage with their employees with humility inquiry and empathy


we'll identify the unique mutations in each patient's tumor and will then feed all of those potential candidate neoantigens into ATLAS

we'll identify the unique mutations in each patient's tumor and we'll then feed all of those potential candidate neoantigens into atlas


We and others in the industry believe that we will be successful in developing our C1 cell line into a next-generation protein expression and production system,

we and others in the industry believe that we will be successful in developing our c1 cell line into a next-generation protein expression and production system


If and to the extent the company makes forward-looking statements, we do not undertake any obligation to update those statements in the future in light of subsequent developments.

if and to the extent the company makes forward-looking statements we do not undertake any obligation to update those statements in the future in light of subsequent developments


What we're really seeing is, I had commented earlier about some of our logistics, costs where we've taken out some of the costs associated with even supplying to our customer base

what we're really seeing is i've commented earlier about some of our logistics costs where we've taken out some of the costs associated with even supplying to our customer base


we believe that these organized efforts, we're not quite sure the longevity of those or the duration of those

we believe that these organized efforts we're not quite sure the longevity of those or the duration of those


And we don't see us getting real sales from that effort until 2017. And talking about the specifics of what those products are,

and we don't see us getting real sales from that effort until 2017 and talking about the specifics of what those products are


And so that's the sales activity that you see going on in corporate, and that's just purely timing from the point of shipment to the point of in-home.

and so that's the sales activity that you see going on in corporate and that's just purely timing from the point of shipment to the point of in-home


That's inevitable. I just do not -- and I've been clear since I started, I do not want to get this out of order, because it will not help us to do so.

and that's inevitable i just do not -- and i've been clear since i started i do not want to get this out of order because it will not help us to do so


from the banker and the management team over there. And then I expect that within,

from the banker and the management team over there and then i expect that within


and our investments in training to improve customer service within our private label program to differentiate ourselves from our competition and increase operating margins.

and our investments in training to improve customer service and our private label program to differentiate ourselves from our competition and increase operating margins


These results reflect the solid execution of our transformation agenda. First, we further focused our portfolio in our advantaged snacks categories.

these results reflect the solid execution of our transformation agenda first we further focused our portfolio in our advantaged snacks categories


labor set there because you're right in very heavily congested area and you're in some of -- quite a bit of that work is actually in Raritan Bay

labor set there because you're right in a very heavily congested area and you're in some of quite a bit of that work is actually in raritan bay


if we don't get more money from the customer, the only place where we can get it is from being more efficient, having more density. And this is what we're working at all the time.

if we don't get more money from the customer the only place where we can get it is from being more efficient having more density and this is what we're working at all the time


Its extraordinary growth underlines the strength and capabilities of our commercial teams to sell pharma products to medium and large hospitals.

its extraordinary growth underlines the strength and capabilities of our commercial teams to sell pharma products to medium and large hospitals


Natural gas prices are low, which -- and are expected to remain low, so the stability of the pricing is extremely important

natural gas prices are low which -- and are expected to remain low so the stability of the pricing is extremely important


so we will see some of them come down over the next couple of years. But we are in that phase of putting the enterprise platform in place, and we are not going to skimp on that. We're going to do the right things

so we will see some of them come down over the next couple of years but we are in that phase of putting the enterprise platform in place and we are not going to skimp on that we're going to do the right things


of participations with another financial institution to prepay as the rates offered through the refinancing process did not meet our criteria.


Thank you, Austin, and thank you all for joining us. Welcome to the Titan Pharmaceuticals call to review financial and operational results

thank you austen and thank you all for joining us welcome to the titan pharmaceuticals call to review financial and operational results


Actual results may differ materially from those expressed in or implied by the forward-looking statements. The company undertakes no obligation to update or review any estimate, projection

actual results may differ materially from those expressed in or implied by the forward-looking statements the company undertakes no obligation to update or review any estimate projection


Our preferred auto continues to be a place where we're playing a little catch up with rate. We're working diligently to convert some claims operational challenges into operational strengths.

our preferred auto continues to be a place where we're playing a little catch-up with rate we're working diligently to convert some claims operational challenges into operational strengths


just started to undergo a process to clearly identify what those targets may look like. I will say that we want to leverage the

just started to undergo a process to clearly identify what those targets may look like i will say that we want to leverage the


loans, that includes earnings, that includes the dividends. So thinking about going forward, that is one of the considerations that we take into account.

loans that includes earnings that includes the dividend so thinking about going forward that is one of the considerations that we take into account


we have a senior management team that is well positioned to lead a larger, high-growth version of First Interstate without negatively impacting our cost structure.

we have a senior management team that is well positioned to lead a larger high-growth version of first interstate without negatively impacting our cost structure


the business had some pretty good momentum in the second half or some improvement in the second half. Can you just maybe talk about your expectations around the top

the business had some pretty good momentum in the second half or some improved momentum in the second half can you just maybe talk about your expectations around the top line


providing EnerSys with the perfect platform to offer a full turnkey solution to so many current and potential customers in markets poised for growth.

providing enersys with the perfect platform to offer a full turnkey solution to so many current and potential customers in markets poised for growth


while still exhibiting a great amount of discipline with respect to credit risk. Being able to source these types of opportunities while still maintaining GNL's high

while still exhibiting a great amount of discipline with respect to credit risk being able to source these types of opportunities while still maintaining gnl's high


but we also have a similar opportunity at the node level of the network in locations where we already have company-owned stores.


in the next couple of slides. And as I mentioned in the first quarter that we did approve the drilling of an additional exploration well in Malaysia.

in the next couple of slides and as i mentioned in the first quarter we did approve the drilling of an additional exploration well in malaysia


not only in the fourth quarter but as we look out to next year. We're getting a lot of noise from people that it's becoming a pretty big problem, wanted to get your take on that. So those 2 things.

not only in the fourth quarter but as we look out to next year we're getting a lot of noise from people that it's becoming a pretty big problem i wanted to get your take on that so those 2 things


Third, we remain focused on increasing shareholder value by aligning our cost structure with our total enrollment, continuing to generate positive free cash flow

third we remain focused on increasing shareholder value by aligning our cost structure with our total enrollment continuing to generate positive free cash flow


growth-related spending that you were doing looking out to the future? And then have you seen any effect at all from Brexit in terms of

growth-related spending that you are doing looking out to the future and then have you seen any effect at all from brexit in terms of


started being allocated to the international segment in the fourth quarter of 2016, as well as wage and other inflationary increases and higher bad debt.

started being allocated to the international segment in the fourth quarter of 2016 as well as wage and other inflationary increases and higher bad debt


Earlier this month, we presented detailed results from the Phase II study in uterine fibroids at the meeting of the Society of Endometriosis and Uterine Disorders.

earlier this month we presented detailed results from the phase ii study in uterine fibroids at the meeting of the society of endometriosis and uterine disorders


And so if we anticipate that sales is going to have a good selling season, which is what we believe will happen. And we rarely, rarely talk about it that way.

and so if we anticipate that sales is going to have a good selling season which is what we believe will happen and we are rarely -- we rarely talk about it that way


And I think we've got a lot of product that we could offer to their clients. I think this is a good fit. We're going to see how this goes and -- but we're always looking to say, hey, if it makes sense

and i think we've got a lot of product that we could offer to their clients i think this is a good fit we're going to see how this goes and -- but we're always looking to say if it makes sense


We expect our burn to increase in future quarters as we continue to advance our proprietary programs and build our commercial capability. Now I'd like to turn the call back to Ron.

we expect our burn to increase in future quarters as we continue to advance our proprietary programs and build our commercial capability now i'd like to turn the call back to ron


how we talk to the customers about it. I think probably over the course of the next quarter or 2, we'll really start to understand where we think that's going to land as a percent of penetration of our total business.

how we talk to the customers about it i think probably over the course of the next quarter or 2 we'll really start to understand where we think that's going to land as a percent of penetration of our total business


an indicator of potential changes coming to how drug manufacturers are thinking of pricing drugs and negotiating rebates?


In the quarter, as I said, really strong sales and again to be able to succeed with this we need to shift the sales between different business units,

in the quarter as i said really strong sales and again to be able to succeed with this we need to shift the sales between different business units


again, the building won't be full, but with what we've got planned for now we'll be at normal ramp speed on the lines that we will have operating in that facility by the end of the year.

again the building won't be full but with what we've got planned for now we'll be at normal ramp speed on the lines that we'll have operating in that facility by the end of the year


During the course of this conference call, there will be forward-looking statements, which involve risks and uncertainties that may cause the actual results of the company or of the industry

during the course of this conference call there will be forward-looking statements which involve risks and uncertainties that may cause the actual results of the company or of the industry


And Ralph, to be fair, we're also going to continue looking at the cost side to see whether there are areas where we could be a little bit more efficient as we move forward.

and ralph to be fair we're also going to continue looking at the cost side to see whether there are areas where we could be a little bit more efficient as we move forward


So we are looking at this a little bit more strategically in terms of how we actually play in that space, working with key customers that are emerging in terms of that space.

so we are looking at this a little bit more strategically in terms of how we actually play in that space working with key customers that are emerging in terms of that space


And going forward, one of the RFPs that we had mentioned last quarter with a larger financial institution has been deferred from February-March time frame until later this year,

and going forward one of the rfps that we had mentioned last quarter with a larger financial institution has been deferred from the february-march time frame until later this year


what I can tell you -- we don't segment it out. But what I can tell you is the majority of the merchants on our platform use more than one service of ours.

what i can tell you we don't segment it out but what i can tell you is majority of the merchants on our platform use more than one service of ours


were moved forward into the fourth quarter of fiscal 2014 from the first quarter of fiscal 2015. The cadence of spring shipments this year

will move forward into the fourth quarter of fiscal 2014 from the first quarter of fiscal 2015 the cadence of spring shipments this year


These projects typically start small, but over time grow and get larger as it is geared towards above-average market growth from a planning perspective.

these projects typically start small but over time grow and get larger as it is geared towards above average market growth from a planning perspective


thinking about? Bose obviously is one where you're several quarters into that, and I know you should see some margin improvement. But what are the other drivers there, Mike, we should be thinking about?

thinking about those obviously is one where you're several quarters into that and i know you should see some margin improvement but what are the other drivers there mike we should be thinking about


are less volatile as they have been last year. And that was always our argument that volatility is the problem, not the rate level as such to a certain extent.

are less volatile as they have been last year and that was always our argument that volatility is the problem not the rate level as such to a certain extent


not only are we doing whatever is traditional, we're also actually feeding the pipeline with a new model which has not been seen at the industry before.

not only are we doing whatever is traditional we are also actually feeding the pipeline with a new model which has not been seen in the industry before


reflecting our previous guidance of an expected return to modest growth in 2016. Results in the quarter were primarily driven by growth in global facultative placements,

reflecting our previous guidance of an expected return to modest growth in 2016 results in the quarter were primarily driven by growth in global faculty placements


complex device, it really becomes real to them. And so, we plan on literally having hundreds of stores that will have VR capability. In fact, that's what we've seen with the

complex device it really becomes real to them and so we plan on literally having hundreds of stores that will have vr capability in fact that's what we've seen with the


how the scope of that might change like sort of a concept versus what you had in the preliminary economic assessment? Even if you haven't

how the scope of that might change like sort of the concept versus what you had in the preliminary economic assessment even if you haven't


reflecting the relative quality of our book and the bank's consistent approach. Our arrears experience is consistently better than the rest of the industry.

reflecting the relative quality of our book and the bank's consistent approach our arrears experience is consistently better than the rest of the industry


to more of that legacy, conventional production that they're trying to put back online, seeking cash flow from those cheaper alternatives rather than the drill bit.

to more of that legacy conventional production that they're trying to put back online seeking cash flow from those cheaper alternatives rather than the drill bit


increase was driven by the increase in number of Corporate restaurants coupled with improved food cost and labor savings from new food management and scheduling controls at the restaurant level.

the increase was driven by the increase in number of corporate restaurants coupled with improved food costs and labor savings from new food management and scheduling controls at the restaurant level


We will also dynamically manage leverage and liquidity to opportunistically increase the size of our portfolio, which we expect to ultimately drive earnings.

we will also dynamically manage leverage and liquidity to opportunistically increase the size of our portfolio which we expect to ultimately drive earnings


and this is the third consecutive quarter in which the group's operating profit margin increased at least 100 basis points over the previous year's result.


is, what's beyond now for the balance of the year? What other releases will occur with Samsung, and Apple for that matter?

is what's beyond now for the balance of the year what other releases will occur with samsung and apple for that matter


inside of the assets that we might be selling. Again, our focus on the acquisition side is to make sure that we buy assets that have growth

inside of the assets that we might be selling again our focus on the acquisition side is to make sure that we buy assets that have growth


Got it. And then do you have a target for how many titles you guys plan on offering? Is that something that you guys look at? You mean in terms of the total library?

got it and do you have a target for how many titles you guys plan on offering is that something that you guys look at you mean in terms of the total library


It's also worth noting that it is only 17% of our free cash flow, and that percentage will likely decline here as we go into successive quarters. So

it's also worth noting that it is only 17% of our free cash flow and that percentage will likely decline here as we go into successive quarters so


we have made progress in assessing and knowing exactly where we stand as a business, and we feel really confident in that we have the strategy to

we have made progress in assessing and knowing exactly where we stand as a business and we feel really confident in that we have the strategy to


as well as incremental investments associated with strategic initiatives, including our direct distribution model in Europe and other international markets,

as well as incremental investments associated with strategic initiatives including our direct distribution model in europe and other international markets


negatively impacted Q4. But all things considered, we delivered another strong performance and one that we expect to build upon.

negatively impacted q4 but all things considered we delivered another strong performance and one that we expect to build upon


their new platforms using their own processor chips yet. And so I can't give you any update beyond that just because they haven't provided us

their new platforms using their own processor chips yet and so i can't give you any update beyond that just because they haven't provided us


We satisfied a significant trade payable with the issuance of common shares, and we expect to execute an agreement to restructure the contingent consideration obligation

we satisfied a significant trade payable with the issuance of common shares and we expect to execute an agreement to restructure the contingent consideration obligation


in particular, in terms of the Chinese competition, that's not obviously a new trend and would you say that trend has

but in particular in terms of the chinese competition that's not obviously a new trend and would you say that trend has


Such statements are subject to certain risks and uncertainties which could cause Kohl's actual results to differ materially from those projected in such forward-looking statements.

such statements are subject to certain risks and uncertainties which could cause kohl's actual results to differ materially from those projected in such forward-looking statements


Therefore, we made a significant investment to convert everything to the cloud. In this particular case, we will still have some investments in this first

therefore we made a significant investment to convert everything to the cloud in this particular case we will still have some investments in this first


For those of you who are unable to attend the event, a live and on-demand webcast will be available in the investors and media section of our website.

for those of you who are unable to attend the event a live and on-demand webcast will be available in the investors and media section of our website


strange that it's unchanged, but there is a few things you have to take into consideration. One of them is that we do expect a little bit higher interest cost on our pensions,

strange that it's unchanged but there's a few things you have to take into consideration one of them is that we do expect a little bit higher interest cost on our pensions


We're confident these new surgical facilities will result in an increased conversion of our current marketing efforts as well as provide additional marketing opportunities.

we're confident these new surgical facilities will result in an increased conversion of our current marketing efforts as well as provide additional marketing opportunities


Hey, we really appreciate the many of you that have joined, those that have asked questions. And for those who we did not have time to get your question, we would welcome you to

we really appreciate the many of you that have joined those that have asked questions and for those who we did not have time to get your question we would welcome you to


continue to focus on value, which is the core pillar of our strategy and perhaps the most important nonfinancial metric that this management team is focused on,

continue to focus on value which is the core pillar of our strategy and perhaps the most important nonfinancial metric that this management team is focused on


whenever companies label a region as they will generate profits, and they will generate growth or a category, they will generate

whenever companies label a region as they will generate profits and they will generate growth or a category they will generate


A lot of this increase is driven by the seasonality of our portfolio as we strive to minimize business disruption from our renovations by doing the work during the slower periods.

a lot of this increase is driven by the seasonality of our portfolio as we strive to minimize business disruption from our renovations by doing the work during the slower periods


designed to make up for lost time and implement activity that was recognized as critical but previously we had no cash available or the breadth of talent pool to be able to execute.


organic growth and to fund that organic growth. And so sitting here today, we think we continue to have very significant opportunities. And so

organic growth and to fund that organic growth and so sitting here today we think we continue to have very significant opportunities and so


More importantly, we continue our practice of not providing specific guidance on future earnings. We believe specific guidance does not serve the long-term interest of our shareholders.

more importantly we continue our practice of not providing specific guidance on future earnings we believe specific guidance does not serve the long-term interest of our shareholders


at much lower margins. And I think the analyst community and investors need to keep this in mind as it is beginning to have an impact across the banking industry.

at much lower margins and i think the analyst community and investors need to keep this in mind as it is beginning to have an impact across the banking industry


International Banking delivered very strong earnings growth of 16%, with particularly strong results in our Pacific Alliance countries.

international banking delivered very strong earnings growth of 16% with particularly strong results in our pacific alliance countries


Both of these agreements contain requirements for our customers to making minimum monthly payments to TransMontaigne, usually at the beginning of the month,

both of these agreements contain requirements for our customers to make a minimum monthly payment to transmontaigne usually at the beginning of the month


Approximately half of the remaining increase is attributable to higher depreciation and amortization expense, simply reflecting the growth of the portfolio.

approximately half of the remaining increase is attributable to higher depreciation and amortization expense simply reflecting the growth of the portfolio


So our product, we're going to sell under this traction motor or motor system may be different by customer by customer. That's something we just try to make clear.

so our product we're going to sell under this traction motor or motor system may be different by customer by customer that's something we just tried to make clear


If it's about selling assets, certainly other than the remedy packages, we are committed to deleveraging. And a piece of that is really evaluating our lower

if it's about selling assets certainly other than the remedy packages we are committed to deleveraging and a piece of that is really evaluating our lower


As I highlighted earlier, our significant growth has been against the backdrop of an increasing global appetite for alternative investments from both institutional and retail investors.

as i highlighted earlier our significant growth has been against the backdrop of an increasing global appetite for alternative investments from both institutional and retail investors


this gives us, obviously, the runway to potentially add a generic portfolio of products to ClarusONE, compete effectively for that business

this gives us obviously the runway to potentially add a generic portfolio of products to clarus one compete effectively for that business


In addition, in the beginning of April, we initiated an interest rate swap for the total amount due for the remaining tenor of our term loan.

in addition in the beginning of april we initiated an interest rate swap for the total amount due for the remaining tenor of our term loan


measuring dose levels with a different method, so part of it is just -- if you want to say making sure that you've got a dose-for-dose equivalent. We did the same thing

measuring dose levels with a different method so part of it is just if you want to say making sure that you've got a dose-for-dose equivalent we did the same thing


I'm not saying there is no -- there isn't any chance here, but the difficulty is much greater.

i'm not saying there is no -- there isn't any chance here but the difficulty is much greater


It's never ended, it's an ongoing process. We have had a good performance in this first half.

it's never ended it's an ongoing process we have had a good performance in this first half


the mix of revenue in the back half of the year weights a little bit more heavily towards customers who we just acquired, so who are on program, and reactivation revenue.

the mix of revenue in the back half of the year is weights a little bit more heavily towards customers who we just acquired so who are on program and reactivation revenue


meant to help them, but also as we go into local markets doing business with local enterprises in those markets, it will also help that. So yes, it expands our addressable market.

meant to help them but also as we go into local markets doing business with local enterprises in those markets it'll also help that so yes it expands our addressable market


So this timing event of tenders of the larger operators in China does not affect us so much in terms of volume developments in China itself.

so this timing event of tenders of the larger operators in china does not affect us so much in terms of volume developments in china itself


And it's kept refrigerated for the whole... And that all sounds great doesn't it? And all you really have to have legally is a contract. Well, now ask yourselves the question.

and it's kept refrigerated for the whole and that all sounds great doesn't it and all you really have to have legally is a contract well now ask yourself the question


So I think where you'll see us be able to grow on the fee side is going to be on the commercial side, mostly. I think on the retail side,

so i think where you'll see us be able to grow on the fee side is going to be on the commercial side mostly i think on the retail side


is that Brazil is a country that has one of the largest tax burdens in the world. We had last year and there were still more increases from last year to this year.

is that brazil is a country that has one of the largest tax burdens in the world we had last year and there were still more increases from last year to this year


Our thesis for acquiring shows from associations as well as from independent owners continues to be realized, and we expect to add more great brands to the Emerald portfolio over time.

our thesis for acquiring shows from associations as well as from independent owners continues to be realized and we expect to add more great brands to the emro portfolio over time


High Street profits for the half reflect a tough Christmas in books where we had nothing like the humor book craze that we had last year.

high street profits for the half reflect a tough christmas in books where we had nothing like the humor book craze that we had last year


powered by mass cytometry. Over the last few quarters, revenue has accelerated as customers adopt our premier tools to provide deeper insights into immune function.

powered by mass cytometry over the last few quarters revenue has accelerated as customers adopt our premier tools to provide deeper insights into immune function


We continue to gain on the top line and continue to take market share and increase the consumer pool as well,

we continue to gain on the top line and continue to take market share and increase the consumer pull as well


The fact that we have a broad set of capital deployment opportunities further enhances our ability to continuously adjust to market conditions as we seek to create shareholder value.

the fact that we have a broad set of capital deployment opportunities further enhances our ability to continuously adjust to market conditions as we seek to create shareholder value


The first order of business was to swiftly address matters impacting throughput at a few plants that were otherwise causing disruption and uncertainty in our planning.

the first order of business was to swiftly address matters impacting throughput at a few plants that were otherwise causing disruption and uncertainty in our planning


if you could just help us understand the rationale for your views on what you think in terms of why the push-outs of investment here in the second half of this year.

if you could just help us understand the rationale for your views on what you think in terms of why the pushouts of investments here in the second half of this year


This overhaul improves productivity by automating a number of manual tasks, and at the same time, accelerates resolution rates on accounts worked.

this overhaul improves productivity by automating a number of manual tasks and at the same time accelerates resolution rates on accounts worked


it's not about finding a way to continue investing in attractive opportunities. It's a question about finding the right combination of dividend growth and coverage and the appropriate alternative financing,

it's not about finding a way to continue investing in attractive opportunities it's a question about finding the right combination of dividend growth and coverage and the appropriate alternative financing


And so that's really the criteria that we used to evaluate among the alternatives that were available to us.

and so that's really the criteria that we used to evaluate among the alternatives that were available to us


We have not accepted those because it does not meet our expectations. And one of the concerns and probably the only real concern I have

we have not accepted those because it does not meet our expectations and one of the concerns and probably the only real concern i have


piece, dragged out for a while with operators not -- with certain vendors not getting paid and mechanic's liens being filed and a lot of legal fees and a bunch of other stuff. So

piece dragged out for a while with operators not getting -- with certain vendors not getting paid and mechanics liens being filed and a lot of legal fees and a bunch of other stuff so


And of course that allows us to look at the effect of the RNAi therapeutic without any other therapeutic

and of course that allows us to look at the effect of the rnai therapeutic without any other therapeutic in


more comparable to next quarter, which is why we tried to give you enough information. You can make whatever adjustments you deem fit depending on what you're doing with the adjusted numbers.

more comparable to next quarter which is why we tried to give you enough information you can make whatever adjustments you deem fit depending on what you're doing with the adjusted numbers


is extremely rewarding to see such robust financial results due to the growth of our platform, diversification in our service offerings and strength of our business model.

it is extremely rewarding to see such robust financial results due to the growth of our platform diversification in our service offerings and strength of our business model


Although we are operating at higher leverage today, with divestments driving lower debt balances and increasing cash flow profile due to negative hedges rolling off

although we are operating at higher leverage today with divestments driving lower debt balances and increasing cash flow profile due to negative hedges rolling off


on the Seventy Seven assets, I know you can't say much, but could you at least remind us how much of their equipment both land and frac is in the field today?

on the 77s i know you can't say much but can you at least remind us how much of their equipment both land and frac is in the field today


of low quality recyclates. This impact was partially compensated at revenue level by the increase in ferrous and nonferrous metals.

of low quality recycles this impact was partially compensated at revenue level by the increase in ferrous and nonferrous metals


Many of our investments are maturing, and as we go forward, earnings and cash flow from our portfolio of projects will be a more significant contributor to our financial results.

many of our investments are maturing and as we go forward earnings and cash flow from our portfolio of projects will be a more significant contributor to our financial results


think when you look back, you would have seen that we had a pickup in portfolio of product in second quarter of last year also. So I don't think there's any really shift in process. Chris, you've got your

think when we look back you would have seen that we had a pickup in portfolio product in second quarter of last year also so i don't think there's any real shift in process chris you've got your


We don't. We have not heard that right now, and I think just looking at the last couple of weeks, I don't see anything that has really changed. What we were seeing previously with the

we don't we have not heard that right now and i think just looking in the last couple of weeks i don't see anything that has really changed what we were seeing previously with the


We plan to reinvest in the business as well, deploying some of those savings into additional marketing, commercial development and product innovation initiatives.

we plan to reinvest in the business as well deploying some of those savings into additional marketing commercial development and product innovation initiatives


European placement performance in the fourth quarter was strong. Placements in the fourth quarter in Japan were also healthy, perhaps a onetime uptick in anticipation of broader reimbursement.

european placement performance in the fourth quarter was strong placements in the fourth quarter in japan were also healthy perhaps a onetime uptick in anticipation of broader reimbursement


a fairly significant change because we are overbuilt in grocery in the country, and all of these alternate channels are now beginning to challenge all the square footage in the marketplace.

a fairly significant change because we are overbuilt in grocery in the country and all of these alternate channels are now beginning to challenge all the square footage in the marketplace


and once these definition becomes clear we would like to communicate the details to you. So in that regard we cannot

and once this definition becomes clear we would like to communicate the details to you so in that regard we cannot


We continually monitor the supply and demand for commercial real estate by submarket and loan type to manage our exposure and direct new loan production.

we continually monitor the supply and demand for commercial real estate by submarket and loan type to manage our exposure and direct new loan production


At the same time, the underlying earnings have grown by 11%. And we have continued to invest and to realize

at the same time the underlying earnings have grown by 11% and we have continued to invest and to realize


So if uric acid rises above this level, crystal begin to deposits and build up in joints and tissue causing those debilitating symptoms.

so if uric acid rises above this level crystal begin to deposit and build up in joints and tissue causing those debilitating symptoms


with the objective of putting them behind us by the end of 2017. This will allow us to concentrate on growing in 2018 and beyond.

with the objective of putting them behind us by the end of 2017 this will allow us to concentrate on growing in 2018 and beyond


our top sales people continue to perform in line with our expectations and are successfully transitioning to selling our company Technology as a Subscription suite.

our top sales people continue to perform in line with our expectations and are successfully transitioning to selling our complete technology as a subscription suite


Turning to category performance. Scotch improved significantly, moving from a 5% decline last year to a bit better than flat this year.

turning to category performance scotch improved significantly moving from a 5% decline last year to a bit better than flat this year


However, the damage to many employees' homes range from minor to total losses. We're working to support and provide assistance to our employees that have been impacted.

however the damage to many employees' homes range from minor to total losses we are working to support and provide assistance to employees that have been impacted


We've got some good Q1 results to discuss with you and we will explain to you the transaction that we went through last week, the consequences

we've got some good q1 results to discuss with you and we will explain to you the transaction that we went through last week the consequences


now that we have some sort of economic proposals in front of us, is there kind of an internal time frame or a time frame by which

now that we have some sort of economic proposals in front of us is there kind of an internal time frame or a time frame by which


In total, company resources can now be fully dedicated towards the growing consumer health care platform and it's superior financial profile.

in total company resources can now be fully dedicated towards the growing consumer health care platform and its superior financial profile


This quarter, we had our first month that was impacted by the new minimum wage increases, most of which, I'm pleased to say, we were able to mitigate through Sunrise and other initiatives.

this quarter we had our first month that was impacted by the new minimum wage increases most of which i'm pleased to say we were able to mitigate through sunrise and other initiatives


We don't -- we typically don't talk about what the opportunity cost is. We had -- I can tell you that in the first quarter, we had

we don't -- we typically don't talk about what the opportunity cost is we had -- i can tell you that in the first quarter we had


the PATH Act back in December, what that would mean for you. I just want to clarify, I think, when you had put out the original presentation in May, you had assumed no expansions

the path act back in december what that would mean for you i just want to clarify i think when you had put out the original presentation in may you had assumed no extensions


they are heavier at the beginning and start to tail off where you have a little bit more just amortization running through and fewer surprises.

they're heavier at the beginning and start to tail off where you have a little bit more just amortization running through and fewer surprises


I cannot discuss how people are valuing the company in terms of this process. All I can do is point you to information that's publicly available.

i cannot discuss how people are valuing the company in terms of this process all i can do is point you to information that's publicly available


So we do think as we think about the potential, we're not giving a time frame for that because we still want to be patient about it in discussing this with potential partners.

so we do think as we think about the potential we're not giving a time frame for that because we still are being patient about it and discussing this with potential partners


Information concerning factors that could cause results to differ materially from our forward-looking statements is described further in the company's filings made with the Securities and Exchange Commission.

information concerning factors that could cause results to differ materially from our forward-looking statements is described further in the company's filings made with the securities and exchange commission


We are not going to speak to a magic number, but we do feel comfortable with liquidity that we have today, with the cash in the bank and think that we're in a position now where we can

we're not going to speak to a magic number but we do feel comfortable with the liquidity that we have today with the cash in the bank and think that we're in a position now where we can


the Sientra team has passionately proven its ability to perform at an exceptionally high level while continue to scale up with new hires.

the sientra team has passionately proven its ability to perform at an exceptionally high level while continuing to scale up with new hires


So in terms of earnings for full year 2016, recognizing the productivity and cost optimization momentum that was displayed in the first 3 quarters

so in terms of earnings for full year 2016 recognizing the productivity and cost optimization momentum that was displayed in the first 3 quarters


First announced to the market in October of 2015, we have successfully commercialized the molded structural composite refrigerated truck body and have been successful meeting early stage growth targets.

first announced to the market in october of 2015 we have successfully commercialized the molded structural composite refrigerated truck body and have been successful meeting early-stage growth targets


reflecting the combined effects of slower revenue growth and the first-time consolidation of Banco Unico, which previously was reported in the associate income line.

reflecting the combined effects of slower revenue growth and the first time consolidation of pango unico which previously was reported in the associate income line


Sure. Fair question. Don will give you a little detail, but I guess from the top of the house, I can say we feel it's good or better about these businesses as we have in the past.

sure fair question don will give you a little detail but i guess from the top of the house i can say we feel as good or better about these businesses as we have in the past


As a result, I'll focus my remarks on some of the key commercial real estate performance metrics for the quarter. I'll then update you on our capital structure and our capital plans.

as a result i'll focus my remarks on some of the key commercial real estate performance metrics for the quarter i'll then update you on our capital structure and our capital plans


In 2019, we plan to deliver operating margin expansion with continued operating leverage and efficiencies more than offsetting this dilutive effect.

in 2019 we plan to deliver operating margin expansion with continued operating leverage and efficiencies more than offsetting this dilutive effect


a consistent level of advice to even all of our clients as we go forward. What adviser does today is they'll do an annual plan at some time

a consistent level of advice to even all of our clients as we go forward what an advisor does today is they'll do an annual plan at some time


Again, this has mostly been influenced in the last year, so by generally higher interest cost and higher provisions for credit losses during that time period.

again this has mostly been influenced in the last year or so by generally higher interest costs and higher provisions for credit losses during that time period


will create an increase in drills with uncompleted wells over the next several quarters. We are also encouraged by the increased focus of our major clients

will create an increase in drilled but uncompleted wells over the next several quarters we are also encouraged by the increased focus of our major clients


last year and this year? Are they on the schedule that you expect, at a little bit above, a little bit below? Can you give us some color on how the execution of the recent FIDs are going?

last year and this year are they on the schedule that you expected a little bit above a little bit below can you give us some color on how the execution of the recent fids are going


So that we believe we are becoming more astute at understanding our value proposition,

so that we believe we are becoming more astute at understanding our value proposition


and deeply looking at any number of opportunities that are in the marketplace. We are big enough and hopefully disciplined enough -- I believe disciplined enough, we certainly have had a history of it and I intend to carry that forward

and deeply looking at any number of opportunities that are in the marketplace we are big enough and hopefully disciplined enough i believe disciplined enough we certainly have had a history of it and i intend to carry that forward


We look forward to spending today focusing on the results of our strong financial quarter and sharing our excitement about our future. I'll now turn it over to Eric.

we look forward to spending today focusing on the results of our strong financial quarter and sharing our excitement about our future i'll now turn it over to eric


The sales team remains highly focused on marketing our newer products, sustaining our deeper relationships with our customers and turning the aforementioned inquiries into orders.

the sales team remains highly focused on marketing our newer products sustaining our deeper relationships with our customers and turning the aforementioned inquiries into orders


in the upcoming Cowen conference as well as Barclays health care conferences and hope to see many of you at those conferences. This will now end our call.

in the upcoming cowen conference as well as barclays healthcare conferences and hope to see many of you at those conferences this will now end our call


I want to thank the TPI associates for their dedicated effort, our customers for placing their trust in us, and our shareholders for your continued support.

i want to thank the tpi associates for their dedicated effort our customers for placing their trust in us and our shareholders for your continued support


This is essentially many diversified Industrial component business with broad exposure to on and off-highway vehicles, medical, aerospace and civil construction.

this is essentially a many diversified industrial component business with broad exposure to on and off highway vehicles medical aerospace and civil construction


We have made great progress in delivering assortments to stores to reflect their individual customer base as well as the climate and environment where they are positioned.

we have made great progress in delivering assortments to stores to reflect their individual customer base as well as the climate and environment where they are positioned


And that word gets spread around that you can make significant income with this company selling a valuable product at a reasonable price and still make -- we had

and that word gets spread around that you can make significant income with this company selling a value product at a reasonable price and still make we had


With respect to our Payment Processing pipeline, we have many opportunities in front of us. And as mentioned, we won 2 new nonfinancial institution opportunities in the quarter.

with respect to our payment processing pipeline we have many opportunities in front of us and as mentioned we won 2 new nonfinancial institution opportunities in the quarter


with most of that being ratable at this point, with 90% of our business being recurring, that's going to take a bit of time for that to turn into revenue. And again, it was Q2 bookings,

with most of that being ratable at this point with 90% of our business being recurring that's going to take a bit of time for that to turn into revenue and again it was q2 bookings


This represented the culmination of over 12 months of working with the 5 Arches team, allowing us to validate our market thesis and confirm cultural and operational fit.

this represented the culmination of over 12 months of working with the five arches team allowing us to validate our market thesis and confirm cultural and operational fit


This reflects improved economics related to K-Cups, which will begin in the third quarter, and lower green coffee costs, which will mostly benefit the fourth quarter.

this reflects improved economics related to k-cups which will begin in the third quarter and lower green coffee costs which will mostly benefit the fourth quarter


Sales growth reflected gains across nearly all Away From Home categories, contributions from the launch of the Jif brand in Canada and higher export sales.

sales growth reflected gains across nearly all away from home categories contributions from the launch of the gip brand in canada and higher export sales


The quality of execution, speed to market and scope of the expanded distribution is a reflection of our improved agility,

the quality of execution speed to market and scope of the expanded distribution is a reflection of our improved agility


and that our capital expenditures will be approximately equal to that amount. Lastly, we expect our effective tax rate for the remainder of the year

and that our capital expenditures will be approximately equal to that amount lastly we expect our effective tax rate for the remainder of the year


As a result, fewer trailers on the road are less than 15 years old than there were back in 2007 before the last recession.

as a result fewer trailers on the road are less than 15 years old than there were back in 2007 before the last recession


It is always difficult to preserve core revenue levels during the third and fourth quarters of a presidential year due to displacement by the Olympic Games

it is always difficult to preserve core revenue levels during the third and fourth quarters of a presidential year due to displacement by the olympic games


Those statements are subject to a number of risks and uncertainties. Actual results in the future could differ from those described in the forward-looking statements as a result of various important factors.

those statements are subject to a number of risks and uncertainties actual results in the future could differ from those described in the forward-looking statements as a result of various important factors


to companies who face challenges in serving their customers with inventories in multiple locations.


Can you provide more specifics around planned CapEx in 2016, specifically how many trucks and trailers you intend to purchase? And what is the planned net fleet growth?

can you provide more specifics around planned capex in 2016 specifically how many trucks and trailers you intend to purchase and what is the planned net fleet growth


Yes, sure. I mean our strength platform is one that I'd point to that we continue to win volume at and that's really around disappearing pallets at the end of

yes sure i mean our strength platform is one that i'd point to that we continue to win volume at and that's really around disappearing pallets at the end of


Can you also comment on your net lease portfolio in this broader environment of strong economic growth, higher inflation along with the higher rates?

can you also comment on your net lease portfolio in this broader environment of strong economic growth higher inflation along with the higher rates


This feature causes the CLO trust to delever more slowly so that the timing of capital returns to Ladder is more closely matched to the timing of loan payoffs.

this feature causes the clo trust to delever more slowly so that the timing of capital returns to ladder is more closely matched to the timing of loan payoffs


As Andy will demonstrate shortly, the key strength of the group is to continuously find ways to add value to shareholders and policyholders, and

as andy will demonstrate shortly the key strength of the group is to continuously find ways to add value to shareholders and policyholders


they are still available to absorb economic shocks. This means that the headline surplus is extremely resilient to economic stress.

they are still available to absorb economic shocks this means that the headline surplus is extremely resilient to economic stress


reassuring to get that approved and see their vote of support that this is an important program to move quickly with. As far as the Europeans, we've had opportunities to meet

reassuring to get that approved and see their vote of support that this is an important program to move quickly with as far as the europeans we've had opportunities to meet


You can find a reconciliation of these non-GAAP financial measures and other related information in both our earnings release and at the end of our supplemental presentation.

you can find a reconciliation of these non-gaap financial measures and other related information both our earnings release and at the end of our supplemental presentation


The pricing climate remains very positive. Our customers are confident, and our recent acquisitions have performed well so far.

the pricing climate remains very positive our customers are confident and our recent acquisitions have performed well so far


And with respect to inventory at the end of the quarter, there were probably 3 things that happened. We did see a healthy increase in our pre-owned inventory,

and with respect to inventory at the end of the quarter there were probably 3 things that happened we did see a healthy increase in our pre-owned inventory


We've successfully navigated similarly aggressive markets in the past by remaining highly disciplined in our credit selection and industry composition.

we've successfully navigated similarly aggressive markets in the past by remaining highly disciplined in our credit selection and industry composition


Anything is outside of that, certainly is possible. Not unlike what we did last year. We'll continue to evaluate anything that's outside of that. We don't have much outside of that,

anything that's outside of that certainly is possible not unlike what we did last year we'll continue to evaluate anything that's outside of that we don't have much outside of that


Each line of business continues to grow by executing on the strategy to introduce and cross-sell all of our service offerings to our customers.

each line of business continues to grow by executing on the strategy to introduce and cross-sell all of our service offerings to our customers


that we're only published through April and we are still working on what we want to do for the balance of 2018, but I think, conceptually, all we're doing with the

that were only published through april and we are still working on what we want to do for the balance of 2018 but i think conceptually all we're doing with the


The solution enables developers to differentiate themselves among their competitors by delivering engaging and impactful mobile experiences for their users.

the solution enables developers to differentiate themselves among their competitors by delivering engaging and impactful mobile experiences for their users


And I think our sales team is very energized right now. And Q1 is just an example of some things that I think we can see in the future.

and i think our sales team is very energized right now and q1 is just an example of some things that i think we can see in the future


schedule. In the fourth quarter, we started a strong work of liability management. In December, we had -- we raised in dollars

schedule in the fourth quarter we started a strong work of liability management in december we had -- we raised in dollars


We have focused the sales force on accelerating success by growing a number of licensed productive representatives on their teams in order to build a new generation of sales force leaders.

we have focused the sales force on accelerating success by growing the number of licensed productive representatives on their teams in order to build a new generation of sales force leaders


you've seen that we have a doubling of our population. But at the same time, not at the expenses of the assets under management per relationship manager

you've seen that we've had the doubling of our population but at the same time not that the expenses of the asset under management per relationship manager


become aware of the risks and uncertainties in this business and understand that forward-looking statements are only estimates of future performance and should be taken as such.

become aware of the risks and uncertainties in this business and to understand that forward-looking statements are only estimates of future performance and should be taken as such


on over the last few months, and we see big opportunities there. So we're looking at every component of the cost structure. We'll go through it and share with you

on over the last few months and we see big opportunities there so we're looking at every component of the cost structure we'll go through it and share with you


is to accelerate investments in the core research and development programs that enable us to capitalize on our strategic assets to develop unique product solutions.


Pricing has also stabilized and is beginning to improve, particularly for equipment and personnel with demonstrated performance capability. While pricing is expected to improve,

pricing has also stabilized and is beginning to improve particularly for equipment and personnel with demonstrated performance capability while pricing is expected to improve


But number one, I was just wondering, I assume you guys have gauged the market and, at this point in time, the market just isn't robust enough to meet your hurdles. Could you just talk about

but number one i was just wondering i assume you guys have gauged the market and at this point in time the market just isn't robust enough to meet your hurdles could you just talk about


that's probably the best thing that I can say or the most accurate thing I can say about the competitive environment. As I said, the most challenging being in EM still.

that's probably the best thing that i can say or the most accurate thing i can say about the competitive environment as i said the most challenging being in em still


are currently at high levels. And if you could also talk about breakeven costs in the mining sector, if this could

are currently at higher levels and if you could also talk about breakeven costs in the mining sector if this could


The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

the conference has now concluded thank you for attending today's presentation you may now disconnect


In addition, our Peru operation is also impacted by elevated repairs and maintenance expense this year, most of which was planned as part of our post-acquisition integration

in addition our pru operation is also impacted by elevated repairs and maintenance expense this year most of which was planned as part of our post-acquisition integration


Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements.

forward-looking statements are subject to various risks uncertainties and other factors that could cause actual results to differ materially from those stated in such statements


However, Seabed makes investment decisions independent of Apollo and does not have board appointment rights or otherwise receive nonpublic information about the company.

however seabed makes investment decisions independent of apollo and does not have board appointment rights or otherwise receive nonpublic information about the company


time. But I wouldn't necessarily hold your breath that it's going to be this quarter or perhaps even next quarter given the way the balance sheet is constructed today. We're

but i wouldn't necessarily hold your breath that it's going to be this quarter or perhaps see the next quarter given the way the balance sheet is constructed today we're


while the grocery channel has stabilized and showed modest growth in 2018. By comparison, the dollar and drug channels have experienced a decline over the same period.

while the grocery channel has stabilized and showed modest growth in 2018 by comparison the dollar and drug channels have experienced a decline over the same period


In short, we continue to extend iPass EVERYWHERE, with focus on making sure everyone is able to connect in the places they need to be,

in short we continue to extend ipass everywhere with focus on making sure everyone is able to connect in the places they need to be


Three, I mentioned that in some cases we've seen an unacceptable gap in the time between bookings and billings, but

three i mentioned that in some cases we've seen an unacceptable gap in the time between bookings and billings but


grow profitably well, continuing to invest in their business going forward and have strong risk and capital management capabilities.

grow profitably while continuing to invest in their business going forward and have strong risk and capital management capabilities


we also are engaging in scientific and commercial partnerships to pair our best internal innovations with the best external innovation available.


It has and continues to be a great journey. We continue to be a positive force in our communities by being that regional bank that keeps community in banking.

it has and continues to be a great journey we continue to be a positive force in our communities by being that regional bank that keeps community in banking


And in parallel, we continue to look at the feasibility of developing a more efficacious human challenge model, where we could evaluate the efficacy

and in parallel we continue to look at the feasibility of developing a more efficacious human challenge model where we could evaluate the efficacy


as we initiate all of the Phase II studies that are listed on this slide. So the first study in red, the colorectal cancer indication, has already been initiated,

as we initiate all of the phase ii studies that are listed on this slide so the first study in red the colorectal cancer indication has already been initiated


Or is it much more about the opportunity there is bigger than we realize and therefore, rather than just waste it, let's go and get it? So that would be my first question.

or is it much more about the opportunity there is bigger than we realize and therefore rather than just waste it let's go and get it so that would be my first question


the amount of revenue that was going to be generated per claim was -- and collected was not known. It was not a known commodity.

the amount of revenue that was going to be generated per claim was -- and collected was not known it was not a known commodity


And I believe that we are well positioned, both from a competitive and operating standpoint, to serve and educate current and prospective students who are primarily adult learners.

and i believe that we are well positioned both from a competitive and operating standpoint to serve and educate current and prospective students who are primarily adult learners


Additional information about the risks and uncertainties that could cause actual results to differ may be found in our latest financial statement and our filings with the Israel Securities Authority,

additional information about the risks and uncertainties that could cause actual results to differ may be found in our latest financial statement and our filings with the israel securities authority


We were especially encouraged by the step-up in comp sales relative to last year. And importantly, this converted to improved operating profits.

we were especially encouraged by the step-up in comp sales relative to last year and importantly this converted to improved operating profits


to work at the organization to ensure their operational excellence, to ensure that we have a scalable infrastructure

to work at the organization to ensure their operational excellence to ensure that we have a scalable infrastructure


On top, the decline of press came in very strongly as was the case in Switzerland a couple of years ago.

on top the decline of press came in very strongly as was the case in switzerland a couple of years ago


on the energy savings performance contracts, where in this case right now they do not have any capital appropriations for energy efficiency projects. And the only way to do it will be

on the energy saving performance contracts where in this case right now they do not have any capital appropriations for energy efficiency projects and the only way to do it will be


But we are rather satisfied also on the core part of the business because our test bank process started

but we are rather satisfied also on the core part of the business because our test bank process started


there is a -- almost a paralyzing array of choices and the lack of branding and the lack of


The interim dividend has increased by 4%, which delivers the increased minimum commitment that we made in February for dividend growth through the period of the Growth Acceleration Plan.

the interim dividend has increased by 4% which delivers the increased minimum commitment that we made in february for dividend growth through the period of the growth acceleration plan


to create a more personalized and emotional experience for our customers. So a lot of resources and planning going around that to make sure that we

to create a more personalized and emotional experience for our customers so a lot of resources and planning going around that to make sure that we


what we have is difficult to replicate in many ways. One is that it's not easy to develop

what we have is difficult to replicate in many ways one is that it's not easy to develop


both retro running stars from the 90s that we refreshed and brought back with significant commercial attraction. The Tresc Run and the LXCON are also great examples for new silhouettes

both retro running styles from the '90s that we refreshed and brought back with significant commercial traction the truss run and the lexicon also great examples for new silhouettes


is as manufacturing industrializes more and more, what we classically call building product manufacturers are going to show up more and more

is as manufacturing industrializes more and more what we classically call building product manufacturers are going to show up more and more


Now, you know we have been in ongoing negotiations with the government and with the university about that for a number of years.

now you know we have been in ongoing negotiations with the government and with the university about that for a number of years


reduction. We're really, really working hard to keep those very tightly controlled. So what I would say is we will not expect anything beyond maybe the normal

reduction we're really really working hard to keep those very tightly controlled so what i would say is we would not expect anything beyond maybe the normal


source new land opportunities that consistently perform in our general underwriting guidelines. And so we're really pleased with the

source new land opportunities that consistently perform in our general underwriting guidelines and so we're really pleased with the


Dennis will begin today with some opening comments on our financial results and recent company developments. Following his prepared remarks, we will take questions from the investment community.

dennis will begin today with some opening comments on our financial results and recent company developments following his prepared remarks we will take questions from the investment community


Agents also began offering an enhanced coverage option for business auto policies and a new endorsement geared towards smaller corporations with a name business owner.

agents also began offering an enhanced coverage option for business auto policies and a new endorsement geared towards smaller corporations with a named business owner


However, we have to recognize that people are more picky. They have higher and higher standards. And that is why new products

however we have to recognize that people are more picky they have higher and higher standards and that is why new products


Eat how many dishes you have in front of you. Don't eat too much. Don't overeat. Eat more than your share. If you figure this out,

eat how many dishes you have in front of you don't eat too much don't overeat eat more than your share if you figure this out


the needs of customers. And we do believe, over time as we fill that out, we will ultimately grow customer base on that overall basis.

the needs of customers and we do believe over time as we fill that out we will ultimately grow customer base on an overall basis


The next key integration is with Microsoft Skype for Business, UC. Our latest integration with Skype allows agents to seamlessly connect to knowledge workers,

the next key integration is with microsoft skype for business uc our latest integration with skype allows agents to seamlessly connect to knowledge workers


sales of products from inventory, future financial results, liquidity and the continued growth of the electric-powered vehicle industry.

sales of products from inventory future financial results liquidity and the continued growth of the electric-powered vehicle industry


and hopefully some measure of durability. We're also working with some of the key investigators in the world to assemble the natural history

and hopefully some measure of durability we're also working with some of the key investigators in the world to assemble the natural history


Excluding the impact of terminated Digital Marketing Services and incremental political advertising, total revenue was up 5% over the second quarter of last year.

excluding the impact of terminated digital marketing services and incremental political advertising total revenue was up 5% over the second quarter of last year


Data processing and software expense increased during the periods presented due to an increase in the volume of transactions and implementation of new software in our Mortgage business.

data processing and software expense increased during the periods presented due to an increase in the volume of transactions and implementation of new software in our mortgage business


Well, I mean, the future star promotion is intended to give some economics to newer distributors in China.

well i mean the future star promotion is intended to give some economics to newer distributors in china


Also, by way of history, we don't price based off currency. We price based off inflation and what the consumer is seeing locally on similar products. I think pricing off of currency is a

also by way of history we don't price based off currency we price based off inflation on what the consumer is seeing locally on similar products i think pricing off of currency is a


are significant competitive advantages over other sometimes larger and more established players as we have better control of the design through finished product phases,


So there's no reason for members to do anything other than continue to engage in the program over the next 3 years. And as we've said,

so there's no reason for members to do anything other than continue to engage in the program over the next 3 years and as we've said


A couple of project updates here. We made great progress during the quarter signing up long-term commitments for capacity on the supply portion of Northeast Energy Direct.

couple of project updates here we made great progress during the quarter signing up long-term commitments for capacity on the supply portion of northeast energy direct


We may seek modifications to that order to try to improve on that schedule, and we're certainly going to look for ways to claw back some of that on the project execution phase.

we may seek modifications to that order to try to improve on that schedule and we're certainly going to look for ways to claw back some of that in the project execution phase


And so I would say we feel like it's really the combination. It's the combination and it's not really at a subsegment level on each product.

and so i would say we feel like it's really the combination -- it's the combination and it's not really at a sub-segment level on each product


pleased with what's going on in Argentina in terms of some of the laws that President Macri has put in, in terms of taxation in the farming sector.

pleased with what's going on in argentina in terms of some of the laws that president macri has put in in terms of taxation in the farming sector


ruling made by the Supreme Court of March of this year about the general damages for pain and suffering. And so

ruling made by the supreme court of march of this year about the general damages for pain and suffering and so


the things may change between now and then. And then just a little bit of -- more color on the small business opportunity. It seems like you guys are finding a bit more constructive on that.

things may change between now and then and then just a little bit of more color on the small business opportunity it seems like you guys are finding a bit more constructive on that


in the release, you touched on some trade uncertainty and the potential risk of slowing growth in Asia, yet it seems like transportation films was again a big

in the release you touched on some trade uncertainty and the potential risk of slowing growth in asia yet it seems like transportation films was again a big


Procedure growth in several countries, including Germany, Korea and China, was healthy through the year, and adoption in Japan was solid for those procedures that have been reimbursed.

procedure growth in several countries including germany korea and china was healthy through the year and adoption in japan was solid for those procedures that have been reimbursed


I think we have a senior leader in our General Manager in Japan. I think this is a team that's capable. So we will give them time to make progress here.

i think we have a senior leader in our general manager in japan i think this is a team that's capable so we will give them time to make progress here


that was a successful process for us. We look for other opportunities, but they have to present themselves. We can't really make those happen.

that was a successful process for us we look for other opportunities but they have to present themselves we can't really make those happen


which is a really small impact. But we still feel like with each of the fed funds moves and the improvement in prime rate

which is a really small impact but we still feel like with each of the fed funds moves and the improvement in prime rate


our technology platform or our advisory and brokerage platforms, creating differentiators that help us use those differentiators to attract more advisers.

our technology platform or our advisory and brokerage platforms creating differentiators that help us use those differentiators to attract more advisers


So acquisitions that would complement businesses that we know and customers that we know and markets that we understand in either structural panels,

so acquisitions that would complement businesses that we know and customers that we know and markets that we understand in either structural panels


to be more services heavy in Q4 as we have historically experienced that many of our large Enterprise clients finalize projects before year-end.

to be more services heavy in q4 as we have historically experienced that many of our large enterprise clients finalize projects before year-end


I think, again, it comes down to the fact that we're able to see the loans that we want to be able to get and go after them. And it's not just about the pricing side

i think again it comes down to the fact that we're able to see the loans that we want to be able to get and go after them and it's not just about the pricing side


For all of his contributions to the company, previous service to his country and to me personally, I'd like to extend my sincere thanks to Harley.

for all of his contributions to the company previous service to his country and to me personally i'd like to extend my sincere thanks to harley


And then you add delivery on top of that, we see a very long runway for growth for us in China for many years to come. And that's why we're still very optimistic

and then you add delivery on top of that we see very long runway for growth for us in china for many years to come and that's why we're still very optimistic


with quieter, more comfortable vehicles while reducing vehicle weight, is further bolstering our business, creating robust demand for our product solutions.

with quieter more comfortable vehicles while reducing vehicle weight is further bolstering our business creating robust demand for our product solutions


We continue to believe that Exar provides a large and exciting opportunity to expand our analog content across a range of communications in industrial and multimarket platforms.

we continue to believe that xr provides a large and exciting opportunity to expand our analog content across a range of communications and industrial and multi-market platforms


as we said, order intake is down mainly in the commercial, but also in the Industrial side for Air Treatment.

as we said order intake is down mainly in the commercial but also in the industrial side for air treatment


is low-cost assets that we were using to service the contract market, which will now be available to us to support growth over the next couple of years. So we backed down there a little bit to make sure that we could

is low-cost assets that we were using to service the contract market which would now be available to us to support growth over the next couple of years so we backed down there a little bit to make sure that we could


global uncertainty commentary? So if you just break it down, it's rough round, it's more of it in the third quarter that we've already seen than we believe in the fourth quarter.

global uncertainty commentary so if you just break it down it's rough round it's -- there's more of it in the third quarter that we've already seen than we believe in the fourth quarter


it's a very creative innovative group down in Orlando that take on these challenges. And when they come up, we always find a way around them.

it's a very creative innovative group down in orlando that take on these challenges and when they come up we always find a way around them


unless they had the approval from OFAC to do so. So just getting the shares transferred from that international bank into another account even within that same international bank

unless they had the approval from ofac to do so so just getting the shares transferred from that international bank into another account even within that same international bank


We have the ability to process our own test results for our constituent physicians and clinics at a highly attractive cost relative to reimbursement.

we have the ability to process our own test results for our constituent physicians and clinics at a highly attractive cost relative to reimbursement


We're delivering solid results in countries such as India, Vietnam and Mexico, where market fundamentals are improving and our momentum is strong.

we're delivering solid results in countries such as india vietnam and mexico where market fundamentals are improving and our momentum is strong


construct and operate a safe, environmentally responsible facility that offers benefits to the State of Washington and the entire West Coast.

construct and operate a safe environmentally responsible facility that offers benefits to the state of washington and the entire west coast


Emerging markets grew double digits as we took a more balanced approach by reducing costs and stepping up investment in our brands and capabilities.

emerging markets grew double digits as we took a more balanced approach by reducing costs and stepping up investment in our brands and capabilities


And so, when we can do that, we do have some optimism about the ability to not only maintain these great churn levels but even see some further improvement, likely in this quarter,

and so when we can do that we do have some optimism about the ability to not only maintain these great turn levels but even see some further improvement like we did this quarter


is very demanding from a Last Mile standpoint, and this works to TFI's advantage, which we think you'll see more clearly with our new segmentation.

is very demanding from the last mile standpoint and this works to tfi's advantage which we think you'll see more clearly with our new segmentation